How Does Video KYC Accelerate Customer Retention and Business Growth?
Customers form the core of any business. Companies spend a massive amount of money on customer-focused marketing and seamless service to retain their loyal customer base. But did you know that you could lose out on the hard-earned customers by putting them through the hassle of a lengthy KYC process? The traditional KYC is all but quick, and customers do not have time to wait for the long process in the digital world. On the other hand, with video KYC, the process is effortless, hassle-free, and paperless. It also provides a personalized experience to the customers leading to remote engagement.
What is it to a business?
KYC solution providers determine a person’s identity to reduce risks to the business. The risks can be in the form of theft, money laundering, data theft, reputational damage, etc., which all, in turn, hinder business growth. Apart from this, KYC also helps businesses understand customer behaviour. It gives you a complete picture of their identity, financial activities, and the probable risks they might pose to your business. It will help your business be safe from fraudulent activities and personalize your offers for target-based marketing. So, in the end, it is a win-win situation for both the company and the customer.
How Does Video KYC Accelerate Customer Retention and Business Growth?
Convenient:
Customers prefer convenience. There are various methods of how KYC can be done. With video KYC, one can achieve a paperless verification convenient to customers. Earlier customers needed to submit photocopies of their KYC documents such as photo ID proof, address proof, and a filled-out application form. The process was so tedious, starting from travelling to the nearby branch. Long waits in queues, making photocopies, and the frustration of going back home if they forget to bring any document, were all a part of this process for customers. This lengthy process drove numerous customers to drop out midway, hitting the revenue and growth. With a video KYC, the clients can easily verify their identity from the comfort of their homes using their smartphones.
Increased Conversion Rates:
Customers are given an option when they need to undergo verification. With video KYC, you can create a more personalized relationship with your customers to establish what your brand stands for. The one-on-one session with the customer can help you build brand loyalty and even benefit from focused marketing if you play your cards right. Video KYC is preferred by the current times, and hence, it can be a differentiator for your organization to stand out from the competition.
Cost-Effective and Time-Saving:
Video KYC is incredibly cost-effective. The traditional KYC involves deploying field agents to take the paperwork and reach the customer’s house making the process expensive. The business will also have to pay for the travel expenses incurred by the agents apart from their salary. After all the hassle, the details collected may not always be complete. Apart from that, the process is time-taking as well. Video KYC is a simple option to cut down this entire ordeal as the process takes just two minutes. The process is consistent, accurate, and stored. Hence it cuts down the operational costs by more than 70% for your business, and You can utilize the resources for other important work.
No Need to Maintain Customer Records Physically:
Since the process is done digitally, you do not need a repository to hold all your client records. Additionally, searching for information becomes more manageable as it is done digitally. The video KYC saves your physical space as it eliminates the hassle of storing documents physically and makes searching.
What Does the Customer Require to Get a Video KYC Done?
The requirements from the customer end for a video KYC are minimal. They need a good internet connection, a webcam or a smartphone, and valid photo ID proof. With these prerequisites, the video KYC is done in the subsequent steps:
Steps Involved in Video KYC Process:
The steps involved in getting a Video KYC are simple. The customer needs to attend the video call and answer a few questions asked by the representative. The process is simple and takes a couple of minutes. Let’s see the steps in detail.
- The customer fills KYC application
- PAN number is verified instantly
- Aadhaar verified using OTP
- The client’s location tracked
- Video call initiated
- Screenshots captured and verified in detail
- Audio-video interaction is validated.
- Liveness check for face match between selfie and National ID proof
- Verification of information provided by the customer.
- The complete KYC report is shared with you.
Conclusion:
A business needs the right KYC solution provider to instantly verify and validate their customers, vendors, and business partners’ personal and professional deals. Delays caused by traditional KYC are expensive for a company, hindering growth. Hence leveraging your KYC to AI-based technology providers like AuthBridge will help you cut down considerable paperwork while quickly verifying your customers in two minutes. The verification adheres to data security compliance.
